Exhibit 12.1
STATEMENT REGARDING COMPUTATION OF RATIOS OF EARNINGS
Year ended | Year ended | Year ended | Year ended | Year ended | |||||||||||||||
December 31, | December 31, | December 31, | December 31, | December 31, | |||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | |||||||||||||||
Earnings: | |||||||||||||||||||
Pretax income before preferred shares from continuing operations | $ | 56,049,203 | $ | (343,321 | ) | $ | 12,433,855 | $ | 57,717,463 | $ | 45,636,957 | ||||||||
Non-controlling Interest | (195,573 | ) | (229,547 | ) | 6,627,890 | 965,007 | — | ||||||||||||
Equity in earnings of unconsolidated subsidiaries | (38,973,116 | ) | (5,973,088 | ) | (2,388,038 | ) | (4,766,980 | ) | (949,180 | ) | |||||||||
Cash income received from unconsolidated entities | 49,713,376 | 1,869,247 | 2,963,499 | 1,163,805 | — | ||||||||||||||
Fixed charges | 55,717,718 | 53,765,276 | 56,568,114 | 43,528,402 | 60,957,469 | ||||||||||||||
Total | $ | 122,311,608 | $ | 49,088,567 | $ | 76,205,320 | $ | 98,607,697 | $ | 105,645,246 | |||||||||
Fixed Charges: | |||||||||||||||||||
Interest (expensed and capitalized) | $ | 44,290,017 | $ | 45,223,899 | $ | 48,186,795 | $ | 36,729,426 | $ | 52,298,502 | |||||||||
Amortized premiums, discounts and capitalized expenses related to indebtedness | 11,387,378 | 8,523,738 | 8,343,513 | 6,763,854 | 8,629,755 | ||||||||||||||
Estimate of interest within rental expenses | 40,323 | 17,639 | 37,806 | 35,122 | 29,212 | ||||||||||||||
Total | $ | 55,717,718 | $ | 53,765,276 | $ | 56,568,114 | $ | 43,528,402 | $ | 60,957,469 | |||||||||
Preferred stock dividend | $ | 24,057,361 | $ | 24,091,021 | $ | 24,437,458 | $ | 17,175,869 | $ | 7,221,041 | |||||||||
Ratio of earnings to combined fixed charges (1) | 2.20 | — | (2) | 1.35 | 2.27 | 1.73 | |||||||||||||
Ratio of earnings to combined fixed charges and preferred stock dividends (1) | 1.53 | — | (3) | — | (3) | 1.62 | 1.55 |
(1) | The Company did not have any shares of preferred stock outstanding until June 2012 and paid its first preferred stock dividend in July 2012. |
(2) | The dollar amount of the deficiency for the year ended December 31, 2016 is $4.7 million. |
(3) | The dollar amount of the deficiency for the year ended December 31, 2016 and 2015 is $28.8 million and $4.8 million, respectively. |